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US banks and regulators both failed on Basel II parallel runs, says Fed official

Jessica Meek

22 Mar 2013

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The failure by US banks to exit their parallel runs to become Basel II compliant reflects badly on both banks and regulators, according to Evan Sekeris, assistant vice-president at the Federal Reserve Bank of Richmond. US banks entered parallel runs while attempting to have their advanced credit and operational risk models approved as compliant with Basel II capital rules.

"We don't have a single US institution out of parallel run," Sekeris told delegates attending Op Risk North America in New Y